Life Asset

Small loans for great ideas
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Life Asset is a non-profit organization that offers microloans, training, and support for entrepreneurs in the Greater Washington D.C. area. Since our founding, Life Asset has provided more than 1,500 business owners with loans to make their business dreams a reality.

What makes us different

An entrepreneur sells his wares at a street fair

We meet entrepreneurs where they are 

We help entrepreneurs who currently can’t qualify for a loan at a bank or other financial institutions. With our unique “social collateral” lending model, we maintain a higher repayment rate than most lenders without requiring a certain credit score, income level or collateral. 

A man works in his workshop

We connect business owners with a network 

When you receive a Life Asset loan, you become a part of a network of peer entrepreneurs who connect with each other, support one another, and bring a wealth of experiences and new customer bases.

What We DO

Small Loans, Big Impacts

Affordable Loans

Apply for a loan

Training & Mentoring

Participate in free weekly trainings

Networking & Support

Join our growing network +1200 entrepreneurs

Credit Building

Improve your credit score — we report to the credit bureaus

Our Partners

CitiBank Logo
CitiBank Logo
CitiBank Logo
Prince George's County Maryland Economic Development Corporation Logo
Prince George's County Maryland Economic Development Corporation Logo
The Morris & Gwendolyn Cafritz Foundation
Prince George's County Maryland Economic Development Corporation Logo
U. S. Small Business Administration Logo
Prince George's County Maryland Economic Development Corporation Logo
Truist Foundation Logo

Edward Mariga

That network connection was very, very critical. The loan part that I got from Life Asset really, really, really helped. But the connection that I had with the other group members and their partnership really helped the business succeed. If it wasn’t for that, honestly, I think the business would have closed within a year.

Owner of Expedited Express Cargo LLC

María Teresa Llanos

I will always be grateful to Life Asset, because at that time, without a credit record in this country, not only did they grant me my first loan but they also have a fabulous staff that advised me for free during all phases of building my business. 

Photographer & Owner of Artere Zone 

María Esquivel-Lang

“I highly recommend Life Asset to all the self-employed entrepreneurs, small business owners, crafters and artists. Join this fantastic group. They will help you with your endeavors and give you loans to start a business without the red tape.”

Artist & Owner of Maria Lang’s Art

George Aguehounde

“I am so grateful for Life Asset. They are and continue to be a vital lifeline for me and my financial goals. When I was in a bad financial situation, they believed in me and helped my business survive and thrive!”

Designer & Owner of Ossawa Decor LLC

FREQUENTLY ASKED QUESTIONS

What do I need to qualify for a loan?
We are a nonprofit organization and support a broad range of entrepreneurs who have had difficulty getting a loan through traditional means.

You do not need collateral or a certain credit score to qualify. You do not need to be currently employed or housed to qualify. People of all cultures, races, religions, and abilities are welcome.

Single mothers, senior citizens, veterans, returning citizens, immigrants, homeless, and other underserved entrepreneurs are encouraged to apply.

What are your loan requirements?
  • Your Life Asset loan must be used for business purposes only.
  • You must form or join a self-selected group of 5 entrepreneurs; a minimum of 3 to get started. This will be an important part of
    your success!
  • You must pay back the loan according to an agreed payment schedule.
What are the terms of the loan?
  • Loan terms are typically 3-12 months.
  • The initial loan amount is usually between $500 and $1500. Loan amount can increase as the business grows and based on timely loan payments.
  • Our annual interest rate is 6%. There is also a one time fee of 3% on approved loans which helps to cover Life Asset’s operating costs. You can pay off your loan sooner without any fees.
  • Loan payments are made via ACH once or twice monthly from the borrowers checking account.
What is the cost to attend training and what type of training do you offer?
  • Training is free to anyone who has a loan with Life Asset or is in the process of applying for a loan.
  • Life Asset provides a variety of training classes and events on topics that include marketing, accounting, product development, sales, social media, insurance, contracts and more!
  • We offer training classes and one-on-one coaching in English, Spanish and French.
When is the next scheduled training in my area?

Classes and coaching are offered via zoom and at our three office locations:

 – Every Thursday 6:00 – 7:30pm, 2509 Good Hope Rd SE, Washington, DC 20020

– By appointment, 2448A 18th Street NW, Washington, DC 20009

– By appointment, 8222 Georgia Avenue, Silver Spring, MD 20910.

You can view our schedule on our Training page, or send us an e-mail via info@lifeasset.org to be included on our mailing list for upcoming classes and events.

Why do I need to form/join a peer entrepreneur group?
Life Asset uses a unique lending program, modeled after the world-renowned Grameen Bank. As part of our lending program, borrowers must commit to participating in a larger network of fellow entrepreneurs. Each entrepreneur joins a support group composed of three to five peers (a Group), with eight Groups forming a Center (40 total entrepreneurs in a Center).

Groups play a critical role in fostering a sense of shared accountability that eliminates the need for loan collateral; within a Group, one member cannot receive a new loan if a peer has not made progress toward paying his or her loan. Once established, Groups become a self-sustaining community through which entrepreneurs can connect. This “train the trainer” model allows Life Asset to have a powerful impact that extends beyond our direct involvement towards long-term success.

What is my loan balance and how can I catch up on missed payments?

If you have questions about your remaining balance or want to make a payment please call 202-251-6757. If you have general questions or a request to skip a payment or lower your monthly payment amount call or email your loan officer or our office at 202-709-0652.

To access information about your loan such as loan balance, payments or your next payment due, you can also login to your
account via our secure online banking portal.

Get in touch

Whether you’ve got a question or want to support our community, we’re happy to get your message. 

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Life Asset, Inc. is a 501(c)3 U.S. nonprofit. We were founded in 2011, and we are based in Washington D.C.

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Translate this website

Life Asset, Inc.
1640 Columbia Rd NW #104
Washington, DC 20009

(202) 709-0652
info@lifeasset.org

Life Asset, Marshall Heights

3939 Benning Rd NE

Washington,  DC 20019

Life Asset, LaunchWork Places
1201 Seven Locks Rd Suite #360 Office #10
Rockville, MD 20854